Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Paying off debt from UK

Paying off debt from UK

Old Sep 28th 2004, 1:00 am
  #1  
Just Joined
Thread Starter
 
Joined: Sep 2004
Posts: 1
scouseokie is an unknown quantity at this point
Question Paying off debt from UK

hi all

Im wondering if any of you could advise me about this one. I've been paying off debt I had back in the UK since I arrived here in the states, which is just over 12 months now, but with exchange rates and wire transfer fees its becoming a pretty big amount of my paycheck. Does anyone know of any way I can reduce the amount I'm paying, either by tranferring the debt to here in the US?, cheaper ways of sending the money back to blighty? Any input would be appreciated.

Thanks
scouse
scouseokie is offline  
Old Sep 28th 2004, 1:36 am
  #2  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 91,725
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: Paying off debt from UK

Originally Posted by scouseokie
hi all

Im wondering if any of you could advise me about this one. I've been paying off debt I had back in the UK since I arrived here in the states, which is just over 12 months now, but with exchange rates and wire transfer fees its becoming a pretty big amount of my paycheck. Does anyone know of any way I can reduce the amount I'm paying, either by tranferring the debt to here in the US?, cheaper ways of sending the money back to blighty? Any input would be appreciated.

Thanks
scouse
Depends what the debt is don't it, if it's credit cards, could get one here and transfer over the balance.
Could just have a word and see if you can pay quaterly, might help reduce fee's, and maybe you could pay via paypal, dn't know if it's cheaper, but setting up a US and a UK account to transfer money isn't too bad, though limited to I think $500 a month, unless you pay for the premium services, so don't know if that'll help or be any cheaper, but it's an idea. www.paypal.com
Bob is offline  
Old Sep 28th 2004, 1:59 am
  #3  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 11,964
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default Re: Paying off debt from UK

Originally Posted by scouseokie
hi all

Im wondering if any of you could advise me about this one. I've been paying off debt I had back in the UK since I arrived here in the states, which is just over 12 months now, but with exchange rates and wire transfer fees its becoming a pretty big amount of my paycheck. Does anyone know of any way I can reduce the amount I'm paying, either by tranferring the debt to here in the US?, cheaper ways of sending the money back to blighty? Any input would be appreciated.

Thanks
scouse
Transferring the debt is a BAD idea, unless you are sure the exchange rate will get a lot worse. You essentially would lock in a bad exchange rate for the whole amount. If you continue to pay off gradually, in a year or two the exchange rate may be better. If the rate does get better, that would be the time to transfer the debt to a US credit card.

As for saving money on transfer fees, etc., why don't you transfer a larger amount to a UK account, then use that account to pay off the minimum, until you transfer the debt over here?

Another thing that might help is to contact the CC company and negotiate a lower interest rate. If they realize you are in the US and could just tell them to keep their debt, they might be conducive.

There have been some excellent threads on UK debt, living in the US. I think you'll find some useful tips there if you can find them.
dunroving is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.